51�Թ���

Washington, D.C. – Following the release of an analysis­­­ on the damaging effects of a proposed interest expense limitation under consideration by Congress, 51�Թ��� Managing Vice President of Tax and Domestic Economic Policy Chris Netram released the following statement.

“Manufacturers are already facing incredible economic headwinds due to increased input costs, labor shortages and strong inflationary pressures. This analysis shows that limiting tax deductions for interest on business loans disproportionately harm manufacturers at a perilous time—costing hundreds of thousands of jobs and billions of dollars in economic growth at a time when our industry is trying to drive our nation’s recovery.

“When Congress passed the Tax Cuts and Jobs Act, manufacturers raised wages, invested in U.S. operations and spurred growth. Congress should be considering proposals that double down on the TCJA’s winning record rather than considering tax increases that will sabotage our recovery.”

The analysis was prepared by EY’s Quantitative Economics and Statistics group.

��Key Findings:

The EBIT-based 163(j) and proposed163(n) interest expense limitations before market adjustments would cost:

• 623,000 Jobs
• $31.6 Billion in Employee Compensation Annually
• $60.1 billion in GDP Annually

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.7 million men and women, contributes $2.71 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Following the Biden administration’s announcement on the launch of the Indo-Pacific Economic Framework for Prosperity, 51�Թ��� Vice President of International Economic Affairs Ken Monahan released the following statement:

“51�Թ��� President and CEO Jay Timmons pressed the administration on critical components to the IPEF earlier this year, and manufacturers are encouraged that the framework will address key manufacturing priorities we have outlined in areas such as digital economy, resilient supply chains and transparency and good governance. These priorities are essential for manufacturing businesses and workers for a region that represents more than two-fifths of total U.S. manufacturing trade and is a market for U.S. exports that support nearly 2 million American jobs.

“As discussions continue, we’re looking for U.S. leaders to support manufacturing jobs by taking an approach that opens markets, strengthens U.S. innovation and technology leadership, raises global standards and establishes best-in-class trade rules.”

Background: 51�Թ��� President and CEO Jay Timmons stressed in a to senior administration officials that high-standards trade with the Indo-Pacific is critical to manufacturers’ success and global competitiveness. Additionally, the 51�Թ��� submitted on the IPEF in April to the Office of the U.S. Trade Representative.

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.7 million men and women, contributes $2.71 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Following the release of a proposed rule by the U.S. Securities and Exchange Commission on climate disclosures, 51�Թ��� President and CEO Jay Timmons released the following statement:

“Manufacturers support key disclosures related to publicly traded companies’ climate strategies, as this information can help shareholders make informed decisions. However, broad, sweeping disclosures could be counterproductive—requiring manufacturers to waste time and resources reporting irrelevant information that will not be decision-useful for shareholders. The SEC should focus on requiring disclosure of material information, and the 51�Թ��� looks forward to working with the SEC to ensure that its proposed climate reporting rule enables smart, company-specific disclosures that are tailored and targeted.

“Manufacturers are proudly leading on climate solutions. After all, it is manufacturers that make the products and technologies needed to face this generational challenge—clean energy, carbon capture, batteries, microgrids, advanced vehicles and more. And through our policy proposal, “The Promise Ahead,” the 51�Թ��� has offered lawmakers a guide for achieving climate solutions alongside economic growth. Especially at this time of global turbulence and supply chain disruptions, our actions must allow for an all-of-the-above approach to safeguarding America’s energy security.”

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.5 million men and women, contributes $2.57 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – The 51�Թ��� released its Q1 2022 Manufacturers’ Outlook Survey, which shows manufacturers’ significant concerns around inflation, hiring and potential tax increases. The 51�Թ��� conducted the survey Feb. 11–25, 2022.

Key Findings:

• 88.1% of respondents cited supply chain challenges as a primary business challenge in the first quarter, 85.7% cited increased raw material costs, and 79.0% cited the inability to attract and retain a quality workforce.
• 88.6% of respondents said their company would find it more difficult to expand their workforce, invest in new equipment or expand facilities if the tax burden on income from manufacturing activities increased.
• 89.4% had unfilled positions within their companies for which they were struggling to find qualified applicants.

“The humanitarian crisis and economic disruptions of Russia’s war on Ukraine, as well as the resulting sanctions that manufacturers fully support, will exacerbate these supply chain challenges and could impact energy costs even more as we move into the second quarter.��We’re looking to policymakers to take bold action, while manufacturers do everything in our power to help the nation and world persevere through another crisis,” said 51�Թ��� President and CEO Jay Timmons.

“Federal leaders should give energy manufacturers the tools to ramp up production here at home and improve our energy security. At the same time, we need Congress to finish the China competition bill to increase domestic semiconductor production and bolster supply chains, among other manufacturing priorities. Any discussion of raising taxes on manufacturers will create uncertainty and make it difficult to invest, hire and expand, hurting the broader economy.

“Although job growth last year rose at the best pace since 1994, and wage growth is now at a 40-year high, the survey shows workforce shortages are still a major challenge. That’s why the 51�Թ��� and The Manufacturing Institute continue leading our industry-wide Creators Wanted campaign—to inspire, educate and empower the manufacturing workforce of today and tomorrow.”

While manufacturers remain mostly optimistic in their economic outlook (88.8%, up from 86.8% in Q4), the survey was conducted prior to the Russian invasion of Ukraine.

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.5 million men and women, contributes $2.57 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Following Sen. Elizabeth Warren’s (D-MA) calls for a new tax targeting America’s energy companies shortly after the new sanctions on Russian energy imports, 51�Թ��� President and CEO Jay Timmons released the following statement:

“Our country is sacrificing to save the Ukrainian people, and this is a blatant political ploy to exploit a crisis to enact an extremist agenda. American policymakers should be singularly focused on saving the people of Ukraine and ending a dictator’s expansionist ambitions, instead of attacking American businesses that are doing all we can to support our government’s efforts to bring about peace.”

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.5 million men and women, contributes $2.57 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. –��In the wake of the Russian invasion of Ukraine, the 51�Թ��� Board of Directors unanimously voted to denounce Russia’s invasion of Ukraine and to stand with the people of Ukraine in their fight to preserve freedom and independence. The resolution expressed support for the economic and financial sanctions implemented against Russia and called for the removal of the Russian Federation from the World Trade Organization and termination of permanent normalized trading relationship status with the United States.

“Manufacturers have a proud history of standing firm in support of democracy, and we stand with the Ukrainian people. The free world must come together to denounce the unprovoked Russian aggression, save lives and end the humanitarian crisis unfolding before our eyes,” said 51�Թ��� President and CEO Jay Timmons. “Ending the conflict is also critical to protecting livelihoods in America and around the world. Manufacturers are already feeling the serious economic disruption, which jeopardizes the jobs of America’s manufacturing workers.

“The 51�Թ��� supports the efforts of the Biden administration and bipartisan congressional leaders to sanction Russia, and we support further economic sanctions.

“The 51�Թ��� Board is speaking clearly today to support the bipartisan effort to hold Russia accountable and bring peace to Ukraine, while reaffirming our commitment to safeguarding democracy and democratic institutions not only here at home, but also abroad.”

Resolution: Whereas Ukraine is a sovereign democracy and constitutional republic that was invaded in an unprovoked act of aggression ordered by Russian President Vladimir Putin;

Whereas the unrelenting attacks on humanity have caused needless loss of life, unacceptable human suffering, a devastating refugee crisis, widespread destruction and significant economic disruption;

Whereas manufacturers in America have a proud history of supporting and defending democracy, including serving as the “Arsenal of Democracy” and mobilizing to free the world from tyranny and fascism in two world wars;

Whereas the Ukrainian people are standing strong against a violent aggressor, and their future is directly dependent upon the united actions of the free world and those who revere democracy;

Whereas the failure to end this aggression could have profound global ramifications, including further attacks on other democracies and destabilizing effects in Europe and around the world, as Russia continues its ambitious expansionism;

Whereas the continued disruption of global commerce harms manufacturers in America and the industry’s stability, threatens our ability to deliver essential products for the American people and the world and thereby jeopardizes the jobs of American manufacturing workers; and

Whereas the 51�Թ��� advances the values of free enterprise, competitiveness, individual liberty and equal opportunity, as enshrined by this board in our policy documents, and those values cannot flourish in the absence of democracy;

Be it resolved that the Board of Directors of the 51�Թ���, at its March 8, 2022, meeting, joins world leaders in denouncing Russia’s invasion of Ukraine; stands with the people of Ukraine in their fight to preserve freedom and independence; supports the economic and financial sanctions implemented against Russia; supports additional economic sanctions, including a ban on the importation of energy products, removal of the Russian Federation from the World Trade Organization and termination of permanent normalized trading relationship status; supports the efforts of U.S. leaders and the international community to reestablish peace; and reaffirms the commitment of this association and our industry to sustaining and safeguarding democracy and democratic institutions not only here at home, but also abroad.

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.5 million men and women, contributes $2.57 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – 51�Թ��� President and CEO Jay Timmons today released the following statement in response to President Biden’s State of the Union address:

“President Biden rightly focused on many policies that will keep manufacturing strong in America amid a global crisis. We strongly agree that the bipartisan infrastructure law was an accomplishment of historic proportion, and we continue to support its swift implementation.

“We are ready to work with anyone to advance policies that will strengthen the industry, but we strongly oppose proposals that would weaken our industry and threaten our recovery, including undoing the progress of tax reform and imposing policies that would disrupt our workplaces. Manufacturers are working hard to fill more than 800,000 open jobs and connect more Americans with rewarding careers, and some of the actions outlined tonight would make it harder for us to solve this top challenge.

“We couldn’t agree more, however, that supply chain issues must remain a focus for lawmakers, and we’re going to continue working with both parties to deliver final competitiveness and supply chain legislation and build on the steps the administration is taking. In this time of challenge and uncertainty, we’re more committed than ever to focus on policy—not politics, personality or process.

“As the United States and our allies continue to lend support for Ukraine’s fight for its democracy, President Biden used his State of the Union address tonight to rally Americans and the world in support of the cause and rightly emphasized the importance of American leadership and defending our shared values when so much is at stake. Manufacturers join this call for unity.”

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.5 million men and women, contributes $2.57 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – The 51�Թ��� announced new 2022 leadership for its Council of Manufacturing Associations at the CMA 2022 Winter Leadership Conference. Philip Bell, president of the Steel Manufacturers Association, will serve as chair, and Melissa Hockstad, president and CEO of the American Cleaning Institute, will serve as vice chair. Made up of 220 industry-specific manufacturing associations representing 130,000 companies worldwide, the CMA creates powerful partnerships across the industry and ensures manufacturers have the strongest possible voice.

“Steelmakers and manufacturers are a force for good in the world. We support innovation, efficiency and sustainability. We help our employees build their lives, our customers build their businesses and the communities where we operate build their futures,” said Bell. “During this very dynamic time in our country, I am honored to articulate the important role manufacturing plays in America’s economic success and national security.

“Americans are counting on manufacturers to lead our economic recovery, deliver promising career opportunities and solve our global health crises, and the collaboration made possible through the CMA empowers our entire industry to rise to the challenge,” said��51�Թ��� President and CEO Jay Timmons.��“Philip and Melissa are trusted and tested leaders who will continue to cultivate the collaborative, cooperative spirit that has made the CMA such a consequential organization for our industry and country. I look forward to working with them to advance policies and plans that uphold the values that have made America exceptional and keep manufacturing strong: free enterprise, competitiveness, individual liberty and equal opportunity.”

The CMA’s mission is focused on bolstering the industry’s nationwide grassroots mobilization efforts and improving the competitiveness of manufacturers in the United States. CMA members work with the 51�Թ��� to unite the manufacturing association community, and ultimately the broader business community, around strategies for increased manufacturing job creation, investment and innovation in America.

Bell is a 25-year industry veteran. Prior to leading the SMA, Bell served as director of external communications and public affairs for Gerdau Long Steel North America based in Tampa, Florida.��Bell previously served as CMA vice chair.

Newly appointed 2022 CMA board members include the following:

• Alison Bodor, president and CEO, American Frozen Food Institute

• Nicole Harris, president and CEO, National Glass Association

• David Loftus, president and CEO, Electronic Components Industry Association

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.5 million men and women, contributes $2.52 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – The 51�Թ��� released its Manufacturers’ Outlook Survey for the fourth quarter of 2021, showing manufacturers remain mostly optimistic in their economic outlook (86.8%, down from 87.5% in Q3) but are significantly concerned with issues like inflation, hiring and potential tax increases targeting manufacturers.

“Manufacturers are working overtime to fill more than 1 million open jobs, including through our nationwide Creators Wanted workforce campaign,” said 51�Թ��� President and CEO Jay Timmons. “On top of that, we’re grappling with a supply chain crisis. Despite the challenges confronting us, manufacturers remain bullish on the future. But if Congress passes legislation with taxes that hit manufacturers harder than other industries, our entire recovery will be thrown off course. If new taxes land on our shoulders, it will undo all the progress we’ve made since the 2017 tax reform law.”

“Manufacturers have kept our promise to hire more workers, raise wages and benefits and invest in our communities. Our question to Congress—the message of this survey—is, do we want to weaken our recovery by undermining manufacturers’ competitiveness? Raising taxes on manufacturers will not help us build back better. It will tear down what we’ve achieved.”

Key survey highlights:

• Top issues:
  • Increased raw material costs (87.1%), the number-one issue for the fourth straight quarter
  • Supply chain challenges (84.5%)
  • Attracting and retaining a quality workforce (82.7%)

• 87.8% of respondents said an increased tax burden on income from manufacturing activities would make it more difficult to expand their workforce, invest in new equipment or expand their facilities
• 85.2% said they have open positions they cannot fill.
• 73.6% of respondents said supply chain bottlenecks negatively impacted their company’s outlook for production, hiring and overall business activity.

Read the full Q4 2021 Manufacturers’ Outlook Survey results here.

Background on manufacturing growth following the enactment of 2017 tax reform:

• In 2018, manufacturers added 263,000 new jobs. That was the best year for job creation in manufacturing in 21 years.
• In 2018, manufacturing wages increased 3% and continued going up—by 2.8% in 2019 and 3% in 2020. Those were the fastest rates of annual growth since 2003.
• Manufacturing capital spending grew 4.5% and 5.7% in 2018 and 2019, respectively.
• Overall, manufacturing production grew 2.7% in 2018, with December 2018 being the best month for manufacturing output since May 2008.

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.5 million men and women, contributes $2.52 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Following the inclusion in the budget reconciliation legislation of a tax on so-called “book income,” the 51�Թ��� Vice President of Tax and Domestic Economic Policy Chris Netram released this statement:

“Manufacturers continue to stand in firm opposition against targeting our industry with new taxes to pay for the reconciliation bill. The ‘book tax’ will hit manufacturers harder than other sectors because expanding our operations requires much larger investments in capital equipment than other industries. This new tax doesn’t account for incentives for machinery and equipment purchases and will stifle investment in our communities and factories. If Congress adopts this policy, the result will be fewer opportunities in towns and cities across the country.

“Regardless of intent, these taxes will harm our industry’s ability to drive our economic recovery. The tax reforms of 2017 allowed us to achieve the best year for manufacturing job creation in more than two decades, and wages, benefits and investment surged. Rather than rolling that back or targeting manufacturers with new taxes, we should keep our tax code competitive and build an opportunity economy together.”

Background:

The 51�Թ��� informed Senate Finance Committee and House Ways and Means Committee leaders of the negative impacts this policy would have for manufacturing. Read the full letter .

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.4 million men and women, contributes $2.52 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.